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Republican Senator Cynthia Lummis has recently got support from several Democratic senators in her anticipated crypto legislation bill
The US’s crypto industry could get comfortable support as it is expected from the awaited crypto bill being drafted by Wyoming Republican Senator Cynthia Lummis. The hopes are high for the well-being of crypto space after the legislation bill as the Senator herself has been a bitcoin holding for a long time.
Common understanding goes like Washington and the close broader electorate in America are divided because of partisan lines. But many seek scope for common grounds with regards to the upcoming crypto bill. Recently it’s been seen that a Republican Senator has received support from Kirsten Gillibrand, New York Democratic Senator. The anticipated support for Lummis’ much awaited crypto legislation came from a member of the democratic party, Gillibrand, who revealed the working on the bill’s drafting with Lummis and its expected to drop in upcoming weeks.
Prominent political journalism firm Politico hosted an event that was sponsored by New-York based crypto service firm Grayscale. During the event, both the senators stated that the bill would make ways for banking, privacy, taxes, consumer protection, and other issues. Democratic Senator announced that the lawmakers are on to create a broad regulatory framework for potentially regulating the industry in the future.
Gillibrand also noted that several aspects of the industry would be under the regulation of the Common Futures Trading Commission. In contrast, the US SEC would take care of others, that is, the Securities and Exchange Commission. She said that many goals that she and Senator Lummis have been identical and had similar thoughts as both want to notice the things like soundness and safety, they want to address consumer protection, and they want to address market certainty.
If this most anticipated bill passed, it would be a significant bipartisan attempt for a detailed and comprehensive framework rollout to regulate the cryptocurrency and digital assets industry in the US. Especially when Democrats have a reputation for keeping skepticism with digital assets and being hostile towards crypto, who continuously took cues from tech adverse figures, setting up regulatory barriers.
The support from democrats to the crypto regulation bill would turn out to be a win-win situation as it would not only accelerate the legislation, but it could also help the democratic party to move away from being seen as leadership that was known for its mostly anti-crypto rhetoric.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
